Richard E. Schreiber IRA and Richard E. Schreiber, personally and on behalf of The Richard E. Schreiber Retirement Trust v. Charles Schwab & Co. Inc., The Charles Schwab Corporation, Charles Schwab Investment Management Inc.
Published: Jul. 2, 2011 | Result Date: May 10, 2011 | Filing Date: Jan. 1, 1900 |Case number: 10-02831 Arbitration – Expungement
Facts
Richard Schreiber IRA and Richard Schreiber, personally and on behalf of The Richard E. Schreiber Retirement Trust filed a complaint against Charles Schwab & Co. Inc., The Charles Schwab Corporation, and Charles Schwab Investment Management Inc. related to investments in the Schwab YieldPlus Fund.
Damages
Claimants sought approximately $200,000 in compensatory damages plus, exemplary or punitive damages, interests, attorney fees and costs, and other relief.
Injuries
Claimants asserted the following causes of action: federal securities fraud; breach of fiduciary duty and constructive fraud; fraud and deceit; state securities fraud; negligence and negligent misrepresentation; breach of fiduciary duty; breach of contract; violation of Section 11 of the 1933 Securities Act; and elder abuse.
Result
The parties settled the matter on or about March 2011, and the Panel recommended expungement of a non-party's records.
Other Information
ARBITRATORS: David J. Anderson, Annette G. Shepherd. Daniel R. Brush, CFP.
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